Market participants are facing growing legal risks as a result of cum/ex transactions. In particular, the German tax authorities have intensified their investigations with regard to potential tax offences. These legal risks include contentious tax refund claims, tax investigations by the authorities, regulatory issues and disputes between the market participants, as well as management and professional liability issues.

While, in the past, participants mostly needed tax advice, now, other legal disciplines—such as litigation, regulatory advice and compliance—are becoming more important.

In this webinar, we will provide an update on recent developments in the German market related to cum/ex trades. Areas of focus include repayment claims initiated by the tax authorities as well as management liability.


  • Background of ongoing prosecution proceedings
  • How to defend repayment claims on already refunded withholding taxes
  • Management liability and D&O insurance coverage
  • Bank regulatory aspects
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